Tag Archives: accounting

Common Accounting Ratios & Formulas Used In Business Analysis

“Management is the art of getting things done through and with people in formally organized groups.” Koontz has emphasized that management is getting the work done with the co-operation of people working in the organization. Harold Koontz emphasized the attainment of business goals with the co-operation of people working in the organization. “Management is principally the task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective.” Lundy has also specified some functions which management has to perform for achieving organizational goals. “Management is simply the process of decision-making and control over the action of human beings for the express purpose of attaining pre­determined goals.” Stanley Vance has emphasized decision-making and control over the actions of employees for reaching the enterprise goals. In management one has to use personal skill and knowledge in solving many complicated problems to achieve enterprise objectives. Various functions which are performed by managers to make the efficient use of the available material and human resources so as to achieve the desired objectives are summed up as management.

“Management is the art of directing and inspiring people.” Management not only directs but motivates people in the organization for getting their best for obtaining objectives. “Management is what a manager does.” This is a broad definition linking all the activities of the manager to the concept of management. Thus, the functions of planning, organizing, staffing, directing, co-coordinating and controlling fall under the process of management. “To manage is to forecast and plan, to organize, to command, to co-ordinate, and to control.” Fayol described management as a process of five functions such as planning, organizing, commanding, coordinating and controlling. Better quality management require reflecting the needs and wants of the business, for example, if you are making a variety of products, you may need to set quality target for each product and look at quality targets for each one. These functions are continuously taken up. Above definitions associate management with the functions undertaken for running a business.

These definitions represent the traditional view point of management while workers are treated as a factor of production only. A dedicated manager heads each silo and the workers in his group report to him and are answerable to him. The needs and aspirations of workers are not taken into account. The workers are treated as means of getting results. An art is often regarded as the systematic application of skill or knowledge in effecting accomplishment of results. Management is treated as an art. Management is treated both as an art as well as science. Management is the art of securing maximum productivity at the minimum of cost so that it helps employers, employees and public in general. Some authors are of the view that the science of management is used to increase productivity of the enterprise. A manager has to take various decisions every day for properly running an enterprise.

Management makes use of human and physical resources for the benefit of the enterprise. Information Society Human conglomerate that, by virtue of technological change, has had its shares of survival and development based on the creation, storage, distribution and intense use of information resources. They use public websites and emails as one of the approaches to obtain information about customer. Professional, technical, and scientific fields all require the services of a good information technician. Our mission is to provide the highest quality technology-based services in a cost-effective manner, be a leader in customer service, and establish services, systems, and solutions based on best practices and industry standards. As the use of myriad software solutions increases with a view to increase profitability and efficiency of operations, resulting IT expenditure both in terms of software and hardware costs is also bound to increase. In particular, Clemons, Reddi and Row posit that closer relationships with suppliers can lower operations risk and opportunism risk, and they go on to argue that this will be especially true as the use of IT increases.

But, to the extent that such view‐taking becomes an accepted part of a company’s risk management program, it is important to evaluate managers’ bets on a risk‐adjusted basis and relative to the market. Auditing processes and procedures on a regular basis during and after installation is an excellent method of ensuring that the solution is functioning within normal parameters. Also included are an index and 3 appendices: Common and scientific names of tree species referenced; Factors for converting selected English measurement units to corresponding metric measurement units; and Linear regression procedures. The functions of management are interdependent and interlinked. In this sense, management refers to the principles and practices of management as a subject of study. So management is a study of a specific discipline. Management is taught as a specialized branch of knowledge in educational institutions. If we, as humans, are unable to process information into knowledge fast enough, then what can we do?